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Prepare a comparative common-size income statement for Clarion, Inc. for 2019 and 2018 data. (Round...

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Accounting

Prepare a comparative common-size income statement for Clarion, Inc. for 2019 and 2018 data. (Round percentages to one decimal place.)

Clarion, Inc. Comparative Income Statement

Years Ended December 31, 2019 and 2018

2019 2018

Net Sales $ 6,355 $ 4,920

Cost of Goods Sold 3,370 2,200

Gross Profit 2,985 2,720

Operating Expenses:

Selling Expenses 675 580

Administrative Expenses 410 425

Total Operating Expenses 1,085 1,005

Operating Income 1,900 1,715

Other Income and (Expenses):

Interest Expense (400) (695)

Total Other Income and (Expenses) (400) (695)

Income Before Income Taxes 1,500 1,020

Income Tax Expense 230 210

Net Income $ 1,270 $ 810

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